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Trillions of Shiba Inu (SHIB) Might Be at Sell-off Risk, Here's Reason

Mon, 07/10/2023 - 11:22
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Tomiwabold Olajide
Trillions of Shiba Inu (SHIB) still held by bankrupt crypto lender, sell-off coming?
Trillions of Shiba Inu (SHIB) Might Be at Sell-off Risk, Here's Reason
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Trillions of Shiba Inu may be at risk of being sold, as the latest data from Dune Analytics on Voyager's assets indicates a significant amount of SHIB held up by the bankrupt crypto lender.

Per Dune Analytics data, Voyager holds two trillion SHIB, or exactly 2,060,881,606,627, valued at $15.7 million. Shiba Inu accounts for 8.9% of Voyager's holdings, making it the fourth largest asset holding.

Bitcoin currently makes up the biggest chunk of Voyager's asset holdings, accounting for 39.1%, or $69 million. This is followed by Ethereum and USD, which each account for 28.9% ($51 million) and 10.6% ($18.6 million).

3.1 Trillion Shiba Inu (SHIB) at Risk as Voyager Deal Fails

Since the beginning of the year, Voyager has been selling off its SHIB holdings and other assets. In April, U.Today reported the amount of SHIB held by Voyager to be 3.1 trillion. Compared to the present figure as to the amount of SHIb held, a decrease can be seen.

That said, the most likely scenario would be that the bankrupt crypto lender could continue to liquidate its crypto asset holdings in an attempt to raise liquid funds to compensate affected consumers. This might put the two trillion SHIB tokens held on its platform at "selling" risk.

Binance.US pulled out of the deal to acquire bankrupt Voyager's assets for more than $1 billion in April.

Voyager resumes withdrawals

As reported by Wu Blockchain, Voyager has experienced a net outflow of $250 million in crypto assets after reopening withdrawals to users on June 23.

The bankrupt crypto lender enabled investors to begin withdrawals nearly a year after shutting down and filing for Chapter 11 bankruptcy. The platform now has $176 million in crypto assets, with a Clean Asset ratio of 96.15%.

Trillions of Shiba Inu (SHIB) on the Go as Bankrupt Crypto Lender Moves Funds

Last month, plans were put forward for Voyager's platform to reopen to users between June 20 and July 5 so that creditors can withdraw around 35% of their cryptocurrency. Voyager had ceased processing deposits and withdrawals when it shuttered down its main operation last year.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.